The price is finally on the move, away from an irrational discount to NTA. Internal travel is now creating revenue for the hotels and this will increase as various bubbles are created with other safe countries. CDL will trade at a profit as people are still buying new houses. I believe the CDL profit and a modest full year loss for MCK could still result in a small profit for the current financial year. Also hotels planned by other parties are on hold and several hotels have shut down already- Hermitage in Mt Cook and Heritage in Hanmer. They are also in a strong position to survive a price war with competitors with their strong balance sheet. I see a race up to 2.50 soon.